Section § 1917.120

Explanation

This section explains specific terms related to shared appreciation loans, which are loans where the lender gets part of the property’s increased value. A "borrower" is anyone who gets this type of loan, including anyone who legally takes over the loan. The "borrower’s cost of the property" includes everything the borrower paid to buy the property, but if the price paid doesn’t match the property's real value, they can agree on a different amount with the lender based on appraisals. "Contingent deferred interest" is what the lender earns from the property's increased value, up to 50%. "Fair market value" is what a property would sell for in normal conditions. "Lender" refers to anyone who gives these loans. "Net appreciated value" is the fair market value minus the borrower’s costs and improvements. "Prevailing rate" is based on certain mortgage interest rates. The "property" is what the loan covers, and "sale" includes any title transfer but not through certain legal processes. A "shared appreciation loan" gives the lender a share of the property’s appreciation, and "value of capital improvements" is calculated based on set rules.

For purposes of this chapter:
(a)CA Civil Law Code § 1917.120(a) “Borrower” means the recipient or recipients of a shared appreciation loan and includes any successor in interest to the borrower under a shared appreciation loan, to the extent such succession is permitted by law or by the terms of the shared appreciation loan.
(b)CA Civil Law Code § 1917.120(b) “Borrower’s cost of the property” means the price paid by the borrower for the purchase of the property to be financed with a shared appreciation loan and also includes documentary transfer taxes, escrow and recording fees, title insurance premiums, and any other fees directly paid by the borrower as a necessary or customary cost of consummating acquisition of the property. However, if the purchase price to be paid for the property does not reasonably reflect the true value of the property, the borrower may request that, in lieu of the actual price paid, the “borrower’s cost of the property” be established at an amount mutually agreed by the lender and borrower or be established by averaging two appraisals in the same manner as specified in Section 1917.142 for determination of fair market value. Nothing in this subdivision shall be construed to require a lender to make shared appreciation loans with the borrower’s cost of the property established on the basis of appraisals.
(c)CA Civil Law Code § 1917.120(c) “Contingent deferred interest” means the lender’s share of net appreciated value, calculated as the sum resulting upon multiplying the net appreciated value by a percentage agreed by the lender and borrower, not to exceed 50 percent.
(d)CA Civil Law Code § 1917.120(d) “Fair market value” means the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.
Fair market value shall be determined pursuant to Article 4 (commencing with Section 1917.140).
(e)CA Civil Law Code § 1917.120(e) “Lender” means any person who makes a shared appreciation loan or the successor in interest to any such person.
(f)CA Civil Law Code § 1917.120(f) “Net appreciated value” means the fair market value less the sum of the borrower’s cost of the property and the value of capital improvements. Nothing in this chapter shall, however, preclude a shared appreciation loan from additionally including a provision requiring deduction of any or all of the borrower’s costs of selling the property from fair market value in determining, “net appreciated value,” and if such a provision is included, the disclosures required by Section 1917.171 shall be modified accordingly.
(g)CA Civil Law Code § 1917.120(g) “Prevailing rate” means the weighted average yield accepted by the Federal National Mortgage Association in its most recent free market system auction for four-month conventional mortgage commitments. In the event that the Federal National Mortgage Association discontinues or substantially alters its free market system auction for conventional mortgages then the “prevailing rate” shall be the average yield established at the most recent immediate delivery auction of the Federal Home Loan Mortgage Corporation, or if the auction has been discontinued, then the “prevailing rate” shall be specified in the shared appreciation loan as either (1) the most recently published Federal Home Loan Bank Board mortgage contract rate or (2) the average single-family home mortgage rate for the 10 largest savings and loan associations with principal offices in this state.
(h)CA Civil Law Code § 1917.120(h) “Property” means the property financed by the shared appreciation loan.
(i)CA Civil Law Code § 1917.120(i) “Sale” means any transfer of title to the property and additionally includes the execution of an installment sale contract giving the purchaser a right to possess the property before transfer of title, refinancing, judicial sale on execution or other legal process of foreclosure or trustee’s sale (regardless of whether initiated by the lender), but “sale” does not include a transfer specified in Section 2924.6.
(j)CA Civil Law Code § 1917.120(j) “Shared appreciation loan” means any loan made pursuant to this chapter upon the security of owner-occupied real property of a type specified in Section 1917.130, and in connection with which the lender has a right to receive a share of the appreciation in the value of the security property. “Shared appreciation loan” includes a deed of trust and any evidence of debt issued in connection with the loan.
(k)CA Civil Law Code § 1917.120(k) “Value of capital improvements” means the amount of the credit or credits for capital improvements, if any, determined pursuant to Article 5 (commencing with Section 1917.150).

Section § 2180

Explanation

If you're traveling on a public transport service that carries people, they have to let you bring a reasonable amount of baggage without extra cost. However, if your bags weigh more than 100 pounds, you'll probably have to pay extra for the excess weight. For stagecoach services, they only need to allow 60 pounds of free baggage per person.

A common carrier of persons, unless his vehicle is fitted for the reception of persons exclusively, must receive and carry a reasonable amount of baggage for each passenger without charge, except for an excess of weight over one hundred pounds to a passenger; if such carrier is a proprietor of a stage line, he need not receive and carry for each passenger by such stage line, without charge, more than sixty pounds of baggage.

Section § 2181

Explanation

This law explains what can be considered as luggage for a passenger. It includes personal items for use on a journey, tailored to the passenger's needs, as well as business materials like samples or catalogs for commercial travelers. These should be securely packed in durable cases. A bicycle can also be carried as luggage without needing a cover, but a person can only bring one.

Luggage may consist of whatever the passenger takes with him for his personal use and convenience, according to the habits or wants of the particular class to which he belongs, either with reference to the important necessities or to the ultimate purposes of his journey. Luggage within the meaning of this section shall include the samples, case, wares, appliances and catalogs of commercial travelers or their employers, used by them for the purpose of transacting their business and carried with them solely for that purpose, when securely packed and locked in substantial trunks or sample cases of convenient shape and weight for handling. No crate cover or other protection shall be required for any bicycle carried as luggage, but no passenger shall be entitled to carry as luggage more than one bicycle.

Section § 2182

Explanation

If a carrier, like a bus company or airline, takes your luggage along with you as a passenger, they are responsible for it just like how a company that transports goods is responsible for the items they carry.

The liability of a carrier for luggage received by him with a passenger is the same as that of a common carrier of property.

Section § 2184

Explanation

This section requires transportation companies that carry people, like buses or taxis, to have enough vehicles available to meet the needs of their expected passengers. However, it doesn't apply to certain types of transport companies, like passenger stage or street railroad corporations, which are regulated by the Public Utilities Commission.

A common carrier of persons must provide a sufficient number of vehicles to accommodate all the passengers who can be reasonably expected to require carriage at any one time. This section shall not apply, however, to any passenger stage corporation or street railroad corporation, as defined in Sections 226 and 232, respectively, of the Public Utilities Code, which is subject to the jurisdiction of the Public Utilities Commission.

Section § 2185

Explanation

This law says that a company transporting people must give each passenger a seat and not allow more passengers than the vehicle is meant for. However, this rule doesn't apply to local transportation systems or certain types of transportation companies regulated by the Public Utilities Commission.

A common carrier of persons must provide every passenger with a seat. He must not overload his vehicle by receiving and carrying more passengers than its rated capacity allows. This section shall not apply, however, to any city, county, city and county that operates a transportation system, or to any passenger stage corporation or street railroad corporation, as defined in Sections 226 and 232, respectively, of the Public Utilities Code, which is subject to the jursidiction of the Public Utilities Commission.

Section § 2186

Explanation
A transportation company can set rules for passengers, but these rules must be legal, publicly known, applied equally to all, and reasonable.
A common carrier of persons may make rules for the conduct of his business, and may require passengers to conform to them, if they are lawful, public, uniform in their application, and reasonable.

Section § 2187

Explanation

If you're using a transportation service, like a bus or train, they can ask you to pay your fare either before starting your trip or at any time during the journey.

A common carrier may demand the fare of passengers, either at starting or at any subsequent time.

Section § 2188

Explanation

If a passenger doesn't pay their fare or follow the carrier's rules, they can be removed from the vehicle. However, this should be done gently, without much force, and preferably at a regular stop or near someone's home.

A passenger who refuses to pay his fare or to conform to any lawful regulation of the carrier, may be ejected from the vehicle by the carrier. But this must be done with as little violence as possible, and at any usual stopping place or near some dwelling house.

Section § 2190

Explanation
Once a transportation provider kicks a passenger off, it can't ask that passenger for fare payment anymore.
After having ejected a passenger, a carrier has no right to require the payment of any part of his fare.

Section § 2191

Explanation

A transportation company, like an airline or train service, can hold onto a passenger's luggage until the passenger pays their travel fare. This ability to keep the luggage is guided by specific lien rules.

A common carrier has a lien upon the luggage of a passenger for the payment of such fare as he is entitled to from him. This lien is regulated by the Title on Liens.

Section § [2183.]

Explanation

This law requires transportation providers, like bus or train companies, to deliver each passenger's luggage right when they arrive at their destination. They must carry the luggage on the same vehicle as the passenger unless it would be too crowded or heavy. Luggage going by train must be checked and travel in a baggage car. If passengers don't check their luggage, it's their responsibility if something goes wrong.

 Section Twenty-one Hundred and Eighty-three. A common carrier must deliver every passenger’s luggage, whether within the prescribed weight or not, immediately upon the arrival of the passenger at his destination; and, unless the vehicle would be overcrowded or overloaded thereby, must carry it on the same vehicle by which he carries the passenger to whom it belonged, except that where luggage is transported by rail, it must be checked and carried in a regular baggage car; and whenever passengers neglect or refuse to have their luggage so checked and transported, it is carried at their risk.